"Under the agreement, Daré will receive an upfront payment and access to Bayer's clinical and market capabilities while retaining control over Ovaprene's development and regulatory approval process. Bayer receives the right to obtain exclusive rights to commercialize the product in the U.S. following completion of the pivotal clinical trial being undertaken by Daré. The licensing option becomes effective with a payment of USD 20 million from Bayer to Daré. Daré might be eligible to receive commercial milestone payments potentially totaling USD 310 million as well as double-digit tiered royalties on net sales."
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